Hong Kong Company May Bid on Furniture Brands

ST. LOUIS, MO – Hong Kong-based investor group Samson Holding Ltd. said it has control over 14.9% of Furniture Brands Int’l.’s stock and may seek control, according to CNNMoney.com. In a filing with the Securities and Exchange Commission, Samson Holding Ltd. and its affiliates reported owning the stake in Furniture Brands.

Reportedly, the Samson group said it “may consider various alternative courses of action and take any action deemed appropriate,” including seeking to acquire control of the company or pursuing board representation. Samson Holding is Furniture Brands’ largest shareholder.

Samson said it proposed a business combination with Furniture Brands in July, but the company declined to pursue a transaction at the time.

“Furniture Brands’ board and management team believe that our business model has power and value over the long term,” Ralph Scozzafava, vice chairman and CEO of Furniture Brands said in a statement. “We believe our strategic plan, which focuses on the company’s brand power, strong retail position and operational leverage, puts Furniture Brands in an excellent position to deliver strong long-term returns to all of our shareholders.” The rest of Furniture Brands’ statement can be read here.

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